The four major record labels that comprise the Canadian Recording Industry Association – EMI Music Canada Inc., Sony Music Entertainment Canada Inc., Universal Music Canada Inc. and Warner Music Canada Co. – have agreed to pay $45 million to settle one of the largest copyright class action lawsuits in Canadian history.

As part of the settlement, the labels will pay approximately $45 million to settle the copyright infringement claims. It also establishes a new mechanism to help ensure that artists are paid more promptly.

The press release indicates that everyone is pleased with the settlement, though it is striking that it took a class action settlement to get the record labels to address their own ongoing copyright infringing practices in paying artists for the use of their works. (via Michael Geist)